Business category, Page 222
Microsoft says its bid to buy TikTok has been rejected
The owner of TikTok has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal who was not authorized to speak publicly about it. Microsoft announced Sunday that its bid for TikTok was rejected, removing the tech giant...
U.S. budget deficit hits record $3 trillion through 11 months
WASHINGTON — The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession...
Wall Street still shaky as tumultuous week comes to a close
NEW YORK — Stocks are trying for another comeback on Wall Street Friday, as a tumultuous week of big swings comes to a close. The S&P 500 was up 0.2% in morning trading, but only after an earlier gain of 0.8% vanished completely. Momentum has been lightning-quick to shift on...
Citi names Jane Fraser as first female CEO of Wall Street bankVideo
Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop a major Wall Street bank. Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job. Fraser, who was named the company’s president last year in...
Mall owners Simon and Brookfield close to buying J.C. Penney out of bankruptcy
NEW YORK — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running. Penney’s lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs and avoid liquidation, during...
U.S. job postings rise to 6.6 million in July
WASHINGTON — U.S. employers advertised more jobs but hired fewer workers in July, sending mixed signals about the job market in the wake of the coronavirus outbreak. The Labor Department said Wednesday that the number of U.S. job postings on the last day of July rose to 6.6 million from...
Luxury goods giant LVMH cancels $14.5B deal for Tiffany
NEW YORK — Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs and amid wider industry troubles caused by the pandemic. The Paris-based conglomerate said that both the...
Hobby Lobby faces calls for boycott over pro-Trump store display
Calls for a consumer boycott are being heard after a Hobby Lobby store was photographed with a pro-Trump display in one of its buildings. The image, originally posted to Twitter of the undetermined location arts-and-crafts store, showed “USA vote Trump” in decorative letters at the end of an aisle. Twitter...
Tech sell-off resumes; Nasdaq down more than 8% in 3 days
NEW YORK — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are pulling Wall Street lower in early Tuesday trading. The S&P 500 was down 1.9%, highlighted by the 2.7% tumble for tech stocks within the index. Apple sank 2.9% and Microsoft fell...
Looking for fat profit margins? Try these 5 stocks
Obscene profits. Don’t you miss them? Since the pandemic and recession began, fat profits have been hard to come by. Here are five stocks whose profit margins are still wide and whose prospects look good to me. Applied Materials Applied Materials Inc. (AMAT), based in Santa Clara, Calif., is one...
Analysis: Trump made a promise to save coal in 2016. He couldn’t keep it
President Donald Trump spent more than $1 billion in taxpayer funds, rolled back environmental rules and tried to stop power plant closings to fulfill a vow he made to West Virginia coal miners in the 2016 campaign. But nothing he’s done is rescuing the coal industry. Since Trump’s inauguration, U.S....
Allegheny Ludlum stainless steel cars sell for $950K at auto auction
A trio of stainless steel cars produced by Ford and Allegheny Ludlum sold at auction for $950,000. Billed as “The Historic Stainless Steel Trifecta” and a once-in-a-lifetime opportunity, the cars were sold Saturday night as a single lot by Worldwide Auctioneers at the 13th annual Auburn Auction. They were offered...
Unions threaten work stoppages amid calls for racial justice
NEW YORK — Ahead of Labor Day, unions representing millions across several working-class sectors are threatening to authorize work stoppages in support of the Black Lives Matter movement amid calls for concrete measures that address racial injustice. In a statement first shared with The Associated Press, labor leaders who represent...
Hyundai now says recalled vehicles should be parked outside
DETROIT — Hyundai has reversed itself on a recall to fix a defect that could cause engine fires and is now telling owners of more than 200,000 vehicles to park them outdoors until repairs are made. The company, along with affiliated South Korean automaker Kia, on Thursday said they were...
Feds terminate ventilator contract with Philips Respironics that had drawn criticism
The U.S. Department of Health and Human Services recently terminated multiple contracts to add ventilators to the country’s Strategic National Stockpile. And, while federal health officials say they now have enough ventilators to meet maximum national capacity in a crisis, one of the terminated contracts — awarded to Philips Respironics,...
Tech rout sends stock market to its biggest loss since JuneVideo
NEW YORK — Wall Street’s euphoria took a break Thursday, as steep losses in technology stocks dragged the rest of the market down with them. It was the biggest decline for the U.S. stock market since early June, when investors were dealing with a surge of coronavirus infections in places...
U.S. trade deficit surges in July to highest in 12 yearsVideo
WASHINGTON — The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the...
Hyundai, Kia recall vehicles for leaks that can cause fires
DETROIT — Korean automakers Hyundai and Kia are recalling over 591,000 vehicles in the U.S. to fix a brake fluid leak that could cause engine fires. The recalls cover more than 440,000 Kia Optima midsize sedans from 2013 through 2015 and Kia Sorento SUVs from 2014 and 2015. Also covered...
Honda, General Motors sign deal to work on vehicles together
DETROIT — General Motors and Honda say they have signed a deal to explore sharing vehicle underpinnings and propulsion systems in North America. The companies say planning discussions on jointly designed vehicles will start immediately and include vehicles powered by electricity and internal combustion engines. Engineering work would begin early...
Budget deficit to hit record $3.3 trillion because of coronavirus, recession
WASHINGTON — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. The spike in the deficit means...
Wall Street has biggest gain since July, sets more recordsVideo
The Dow Jones Industrial Average surged more than 450 points Wednesday as the stock market notched its best day in nearly two months. The S&P 500 rose 1.5%, it’s best day since July 6. The benchmark index and the Nasdaq composite each hit new highs, extending Wall Street’s milestone-setting run...
Sheetz named a top company that cares by People magazineVideo
Sheetz ranked among top businesses in the country as a company that cares. The Altoona-based firm ranked 11th out of 50 companies that received the designation based on their demonstration of respect, care and concern for employees, communities and the environment during the coronavirus pandemic. It was the only convenience...
Old Navy will pay its employees to work polls on Election Day
Old Navy said it will pay its 50,000 workers to not come into the stores this Election Day. That is if they head to the polls instead — as workers. The San Francisco-based retailer announced Tuesday — National Poll Worker Recruitment Day — that it will encourage workers in its...
Facebook, Twitter suspend Russian network ahead of electionVideo
OAKLAND, Calif. — Facebook said Tuesday that it removed a small network of accounts and pages linked to Russia’s Internet Research Agency, the “troll factory” that has used social media accounts to sow political discord in the U.S. since the 2016 presidential election. Twitter also suspended five related accounts. The...
Black former franchisees sue McDonald’s for discriminationVideo
More than 50 Black former McDonald’s franchise owners are suing the burger chain, saying the company steered them to less-profitable restaurants and didn’t give them the same support and opportunities given white franchisees. The 52 plaintiffs, who owned around 200 U.S. stores before being forced to sell them over the...
